Strata Title properties commonly refer to properties located in apartment complexes or multi-storey complexes. In some situations they may refer to townhouses or a block of homes, which are all owned and managed collectively by the owners, though an entity called the “Owners Corporation”.

The Owners Corporation manages the common property of the complex or block of units, and organises for maintenance, repairs, and upkeep of the common property – for example, for the maintenance of the exterior paint, guttering, and lifts.

The Owners Corporation sets down an annual budget, determines what needs repairs, pays for maintenance of the common property, and determines what each individual owner needs to contribute in relation to the costs of maintaining the common property.

If you are purchasing a strata title property, you should consider ordering a strata inspection report. A strata inspection report is a report compiled by examining the books of the Owners Corporation and can reveal information such as:

The Annual Budget of the Owners Corporation

What Insurances the Owners Corporation have secured over the property

The amount the Owners Corporation retains in its Administrative and Sinking Funds

The amount of each quarterly contribution payable by you

If there are any “special levies” outstanding or if a “special levy” is to be imposed soon

Any proposals for maintenance to the building

Recent maintenance done to the building

Overall a Strata Inspection report can reveal information about the condition of the building, the attitudes the owners have towards the building, the financial health of the Owners Corporation, and if there are any other issues that you should be concerned about when buying the unit.

If concerns are raised in the report, then, depending on the nature of those concerns, a further pest and bulding inspection may be ordered or specialists may be engaged to identify or address those issues.

At the end of the day however, as previously mentioned, the buyer must be beware and must be completely satisfied before moving ahead with purchasing their dream home!

Conveyancing Enquiry

For more information on our conveyancing services and quotes on our professional fees, please request a Conveyancing Fees quote. One of our experienced property lawyers will contact you to explore how we can assist you with your property transaction.

Kenneth TiAssociate Solicitor - Phang Legal

This website is supported by Phang Legal, a law firm in Parramatta providing fixed fee conveyancing services across Sydney and New South Wales. Kenneth Ti is an associate solicitor with Phang Legal.

As a purchaser, you must be satisfied with the property that you are purchasing. A majority of contracts for the sale of property make no promises or warranties in relation to the condition of the property, essentially turning the transaction into a “what you see is what you get” matter.

A pre-purchase pest and building inspection report is always

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recommended, especially where the property is a free-standing property that is not part of a strata property or a community property.

A pest and building inspection normally comprises of a visual inspection of the property by a qualified pest and building inspector, and usually assists you with identifying issues about the property that you as a layperson may not necessarily identify.

Among the issues that a pest and building inspection report can identify are:

The condition of the building

Any building defects

Matters that require rectification work

Estimated costs of rectification

The presence of pests (such as termites) in the building

If concerns are raised in the report, then, depending on the nature of those concerns, specialists may be engaged to identify or address those issues.

At the end of the day however, as previously mentioned, the buyer must be beware and must be completely satisfied before moving ahead with purchasing their dream home!

Conveyancing Enquiry

For more information on our conveyancing services and quotes on our professional fees, please request a Conveyancing Fees quote. One of our experienced property lawyers will contact you to explore how we can assist you with your property transaction.

Kenneth TiAssociate Solicitor - Phang Legal

This website is supported by Phang Legal, a law firm in Parramatta providing fixed fee conveyancing services across Sydney and New South Wales. Kenneth Ti is an associate solicitor with Phang Legal.

In the recent media, there has been speculation that rents are likely to increase in 2010 after experiencing a period of little growth during 2009.

The property sector enjoyed a flurry of activity with First Home Buyers in the 6 months to 30 June 2009. It was common to see the price of sub-$500k properties pushed up due to the combination of increased demand and government incentives in the form of First Home Owners Grant and First Home Plus in New South Wales.

In many cases, the purchase price (above what was expected as the market price) for First Home Buyers was well above the financial benefits of the incentives that they received. Even though some of the urgency in that segment of the property market has since died down, perhaps encouraged by the Australian Property Monitor’s report property investors will return to the market despite past and possible future interest rate hikes.

Sydney’s western and north-western suburbs have enjoyed substantial housing stock and population growth over the last decade. Leading into the new decade, that growth is likely to continue with a focus around Parramatta, the geographic centre of Sydney. With our offices conveniently located in the centre of the Parramatta CBD, Phang Legal is well placed to service the growing population of Sydney and are able to provide our clients with easy access to various legal services and conveyancing services.

For more information regarding our conveyancing services, or our current offers on reduced professional fees, contact our office on 02 9687 8885 or complete the Quick Enquiry form below.

Conveyancing Enquiry

For more information on our conveyancing services and quotes on our professional fees, please request a Conveyancing Fees quote. One of our experienced property lawyers will contact you to explore how we can assist you with your property transaction.